© 2018 Regions Bank. MANAGING YOUR MONEY © 2018 Regions Bank.
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© 2018 Regions Bank.
MANAGING YOUR MONEY
© 2018 Regions Bank.
© 2018 Regions Bank.
REGIONS NEXT STEP
This information is general in nature and is not intended to be legal, tax, or financial advice. Although Regions believes this information to be accurate, it cannot ensure that it will remain up to date. Statements or opinions of individuals referenced herein are their own—not Regions'. Consult an appropriate professional concerning your specific situation and irs.gov for current tax rules.
© 2018 Regions Bank.
This information is general in nature and is not intended to be legal, tax, or financial advice. Although Regions believes this information to be accurate, it cannot ensure that it will remain up to date. Statements or opinions of individuals referenced herein are their own—not Regions'. Consult an appropriate professional concerning your specific situation and irs.gov for current tax rules.
© 2018 Regions Bank.
AGENDATODAY WE WILL ANSWER THESE BIG QUESTIONS . . .
1. What are the steps for setting financial goals?
2. How can you track your daily spending habits?
3. How can you prepare a personal saving and spending plan to estimate your monthly income and expenses?
4. Are there tools to help you manage your cash flow?
5. Are there ways to increase your income and decrease your spending?
© 2018 Regions Bank.© 2018 Regions Bank.
SPECIFICBE
© 2018 Regions Bank.
© 2018 Regions Bank.
SET FINANCIAL GOALS
EDUCATE YOURSELF
ORGANIZE YOUR FINANCIAL GOALS
EVALUATE YOUR PROGRESS
IDENTIFY YOUR FINANCIAL GOALS
© 2018 Regions Bank.
SET FINANCIAL GOALS
DEVELOP AND FOLLOW A PERSONAL SPENDING PLAN
• Know where your money comes from
• Know where your money goes
• Balanced• Flexible• Realistic
A spending plan should be:
© 2018 Regions Bank.
© 2018 Regions Bank.
WHERE DOES YOUR MONEY GO?
DAY SAVINGS HOUSING INSURANCE DEBTS FOOD GAS ?
1 $100 $1,600 $250
2
3 $75
4
5
6 $50
7 $75
8 $50
© 2018 Regions Bank.
INCOMEINCREASE YOUR
© 2018 Regions Bank.
© 2018 Regions Bank.© 2018 Regions Bank.
EXPENSESKNOW YOUR
© 2018 Regions Bank.
© 2018 Regions Bank.
PERSONAL SPENDING PLAN—INCOME
MY INCOME
Wages $ 4,640
Public assistance $ 0
Child support/alimony $ 0
Interest/dividends $ 10
Social Security $ 0
Advanced earned income credit $ 0
Other $ 0
TOTAL INCOME $ 4,650
© 2018 Regions Bank.
PERSONAL SPENDING PLAN—EXPENSES
MY VARIABLE EXPENSES
Savings $ 200
Gas/Oil $ 50
Electricity $ 200
Water $ 60
Telephone/Cell phone $ 75
Transportation/Gas $ 150
Car maintenance $ 50
Education $ 200
Groceries/Food $ 300
Charity/donations $ 50
Personal expenses/other $ 500
TOTAL VARIABLE EXPENSES $ 1,835
MY FIXED EXPENSES
Rent/Mortgage $ 1,600
Property Taxes/Insurance $ 250
Trash collection $ 30
Car payment $ 450
Car Insurance $ 80
Other loan payments $ 150
Health insurance $ 75
Day care $ 100
TOTAL FIXED EXPENSES $ 2,735
TOTAL INCOME = $ 4,650
TOTAL EXPENSES = $ 4,570
© 2018 Regions Bank.© 2018 Regions Bank.
EXPENSE ENVELOPE
SYSTEM
BUDGET BOX
SYSTEM
COMPUTER SPREADSHEET
SYSTEM
SPENDING/SAVINGS PLANTOOLS
© 2018 Regions Bank.
© 2018 Regions Bank.
KNOW WHERE YOU ARE
KEEP ACCURATE RECORDS• Organize your files so it is easy to find important information• Mail checks for bill payments at least one week before they are due• Keep your tax records for at least three years, preferably seven• Keep records in a safe place in your home or in a safe deposit box
© 2018 Regions Bank.
© 2018 Regions Bank.
“Uh oh. What do I do when there are more expenses than income?”
© 2018 Regions Bank.
© 2018 Regions Bank.© 2018 Regions Bank.
© 2018 Regions Bank.© 2018 Regions Bank.
THE ONE WEEK RULE
BUDGET BUSTERS RENT
STRETCHING YOUR
PAYCHECK
FIND FREEBIES
© 2018 Regions Bank.
© 2018 Regions Bank.
DECREASE SPENDING
BARGAIN HUNTING• Comparison shop online before you buy• Weigh quality vs. price• Wait for sales• Ask for a better deal on big ticket items
• Take advantage of group discounts• Max out your savings• Look for sample sales• Consider outlet malls
© 2018 Regions Bank.
© 2018 Regions Bank.
FUEL YOUR SAVINGS
USE DIRECT DEPOSIT
PAY BILLS ON TIME
USE A BANK
KEEP MAKING MONTHLY PAYMENTS
ALWAYS TAKE FREE MONEY
JOIN INVESTMENT
CLUB
REINVEST DIVIDENDS
3-6 MONTHS CASH SAVINGS
SAVE CASH GIFTS
SAVE BONUS
SAVE CHANGE
SAVE TAX REFUND
AVOID DEBT
PAY OFF CREDIT CARDS AND LOANS
© 2018 Regions Bank.
FINANCIAL STRATEGY
PAYING OFF LOANS• Pay off the loan with the highest interest rate first to save on interest payments• Talk to your creditors• Get credit counseling
© 2018 Regions Bank.
© 2018 Regions Bank.© 2018 Regions Bank.
CONGRATULATIONS
• The steps for setting financial goals
• Worksheet for tracking spending habits
• Worksheet for saving and spending plan to estimate income and expenses
• Ideas of tools to help manage your cash flow
• Ways to increase and decrease your spending
Thank you.
TODAY, YOU WILL LEAVE WITH:
© 2018 Regions Bank.
MEETING YOUR FINANCIAL GOALS
Make an appointment with a Regions banker:• Call the Regions Green Line at 1-800-REGIONS• Go to regions.com and click “Make an Appointment”• Visit any Regions branch
Visit the Next Step Financial Learning Center for free, online interactive videos: Regions.com/learn
Use our online resources including articles, videos, and calculators: Regions.com/nextstep
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